They could do the same thing by circulating a positive rumor for the company. I don't see how buybacks can help in the long term a company that is not issuing

They could do the same thing by circulating a positive rumor for the company. I don't see how buybacks can help in the long term a company that is not issuing dividends. They are burning real money to buy a potentially higher valuation that can evaporate in an instant (think of Meta)